Power Of Attorney FAQs
A: In our lifetime, it is likely that we will unable to take care of our financial responsibilities, either because we can not be physically present due to injury, illness or scheduling issues, or we may just not be exercising sound judgment when it comes to ourselves or our finances. A Durable Power of Attorney is essential in addressing these issues.
The purpose of a Power of Attorney is to give the person you designate (called your “Agent”), broad powers to handle your property when you can’t for any reason take care of the things you need to take care of. This includes the power to sell or otherwise dispose of any property of yours without advance notice to you or approval by you. Because of this, you must absolutely be able to trust the person you designate as your “agent”.
The Power of Attorney does not impose a duty on your agent to exercise granted powers, but when the powers are exercised, your agent must use due care to act for your benefit and in accordance with the terms of the power of attorney.
The person you designate as your “agent” may exercise the powers given throughout your lifetime, even after you become incapacitated unless you revoke these powers or a court acting on your behalf terminates your agent’s authority.
Your agent must keep your funds separate from his or her funds. A court can take away the powers of your agent if it finds that your agent is not acting properly.
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